Released 27 December 2011
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INVEST IN PEOPLE...REDUCE YOUR TAXES
Only 5 days left in 2011... Reduce your taxes and invest in people!
As the year draws to a close, we are in the midst of our busiest time at The Salvation Army with our Tree of Lights Campaign.
No doubt you stopped to put money in one of our iconic red kettles, or maybe you yourself were a volunteer bellringer at one of those red kettles located throughout the Ozarks. Your gifts of time and money are very much appreciated by all of us and those we help. Thank you!
Minimize taxable income in 2011...Make a "Qualified Charitable Distribution" from one, or more, of your IRA's
One terrific way to make a gift, while reducing your taxes, is by making a Qualified Charitable Distribution from one or more of your IRA's. This is a smart way to minimize taxable income, by simply passing on the disbursement directly to a qualified public non-profit such as The Salvation Army. If you don't need some or all of that required disbursement as income, this is an effective way to make a gift, but act quickly as this tax benefit will expire permanently on December 31.
Simply stated, if you don't need the income from your required minimum disbursement from your IRA, you can bypass paying taxes on that income by passing the disbursement directly on to The Salvation Army.
Although no income tax deduction is allowed for the gift itself, the gift is not counted as income and is not taxed as such, thus lowering your taxable income. The owner of a traditional, or Roth IRA, can direct the custodian to make distributions directly to The Salvation Army or another qualified charity. Transfers up to $100,000 will be excluded from income. This exclusion is available to IRA owners over age 70 ½ through the end of 2011, but not to participants in other plans, such as 401(k) or 403(b) plans.
For more information please contact:
Stephanie Lutes - Planned Giving Counselor
The Salvation Army Ozark Area Coordination
1707 W. Chestnut Expressway
Springfield MO 65802
We in turn will invest your gift - in people
We will invest your gift in disaster relief, after school programs for at-risk children, summer camps, food pantries, soup kitchens, job search assistance, temporary shelter, and more. Your investment through us allows us to help people attain, or regain, self-sufficiency and dignity. As a Christian organization, we bring the love of Christ to all those we serve. We live to serve, and do so with a "heart to God and a hand to man."